Bank of Queensland Pension Plus Account
Visa access, make branch withdrawals, earn competitive stepped interest rates and pay no monthly fees.
The Bank of Queensland Pension Plus account gives you unlimited card, branch and online access to your money in addition to a stepped interest structure. The Pension Plus rewards you with up to 3 different rates of interest, balances greater than $45,401 accrue interest at 0.5%
Maximum variable rate
Base interest rate
The Bank of Queensland Pension Plus account gives you a competitive stepped rate of interest. Different rates of interest apply to different slices of your account balance.
A Visa Debit Card is issued by Bank of Queensland so you can access the money in the Pension Plus at ATMs and make purchases online and at EFTPOS terminals in Australia and overseas. You can also make withdrawals from this account via the Bank of Queensland online banking facilities.
Make unlimited free ATM withdrawals at Bank of Queensland and rediATMs.
Make BPAY payments using the Bank of Queensland internet banking facility.
Authorise your service providers to automatically withdraw money from your account when you payments are due.
Get money paid directly to your Pension Plus account such as your salary or wage using the Bank of Queensland direct credit facility.
A cheque book is available if you have an account balance of more than $200.
Minimum opening balance
Deposit $500 or more to the Bank of Queensland Pension Plus account when you apply.
Pay no account establishment fee. The Visa Debit Card monthly service fee is $1.00. Other banks may charge a fee when you use a non-Bank of Queensland ATM. Over the counter withdrawals at Bank of Queensland are free. Internet banking transactions are unrestricted and free.
Get monthly statements for free.
You can apply for this account if you're currently receiving an Australian pension.
How to apply
Visit a bank of Queensland branch to apply for the Bank of Queensland Pension Plus Account or call a Bank of Queensland customer service agent.
- Pension. You can apply for this account if you're receiving the Australian carers, disability, veterans or aged pension.
- Minimum deposit. You're required to deposit $500 or more when you apply for the Bank of Queensland Pension Plus Account.
Bank of Queensland also require your personal and contact information.
- Information. Provide your name, date of birth, contact number and residential address to the Bank of Queensland. You'll need to verify your identity if the Pension Plus account is your first Bank of Queensland product.
- Identity. Provide photographic identification such as your valid drivers licence, proof of age card or passport, or a combination of secondary non-photographic documents.
- Tax. Bank of Queensland will withhold tax at the marginal rate if you don't provide your Tax File Number to the bank. This information does not need to be provided at the time of application for the Pension Plus account.
What happens after I submit my application?
Once you're approved for the Bank of Queensland Pension Plus account you can register for online banking and make the opening deposit. It can take up to 2 weeks before you get the Visa Debit Card delivered to your residential address.